Ch. 583

1997 LAWS OF MARYLAND

(B) EXCEPT AS OTHERWISE PROVIDED BY AN APPLICABLE RESOLUTION OR
TRUST AGREEMENT, A HOLDER OF BONDS ISSUED UNDER THIS SUBTITLE, OR A
TRUSTEE ACTING UNDER A TRUST AGREEMENT ENTERED INTO UNDER THIS
SUBTITLE, MAY, BY ANY SUITABLE FORM OF LEGAL PROCEEDINGS, PROTECT AND
ENFORCE ANY RIGHTS GRANTED UNDER THE LAWS OF THIS STATE OR BY ANY
APPLICABLE RESOLUTION OR TRUST AGREEMENT.

24-522.

(A)     THE COMMISSION MAY ISSUE BONDS TO REFUND ANY OF ITS BONDS
THEN OUTSTANDING, INCLUDING THE PAYMENT OF ANY REDEMPTION PREMIUM
AND ANY INTEREST ACCRUED OR TO ACCRUE TO THE EARLIEST OR ANY
SUBSEQUENT DATE OF REDEMPTION, PURCHASE, OR MATURITY OF THE BONDS.

(B)     REFUNDING BONDS MAY BE ISSUED:

(1)      (I) FOR THE PUBLIC PURPOSES OF REALIZING SAVINGS IN THE
EFFECTIVE COSTS OF DEBT SERVICE, DIRECTLY OR THROUGH A DEBT
RESTRUCTURING; OR

(II) FOR ALLEVIATING IMPENDING OR ACTUAL DEFAULT; AND

(2)      IN ONE OR MORE SERIES IN AN AMOUNT IN EXCESS OF THAT OF THE
BONDS TO BE REFUNDED.

24-523.

(A)     THE COMMISSION MAY ENTER INTO AGREEMENTS WITH AGENTS, BANKS,
INSURERS, OR OTHERS FOR THE PURPOSE OF ENHANCING THE MARKETABILITY OF,
OR AS A SECURITY FOR, ITS BONDS.

(B)     ANY FINANCIAL INSTITUTION, INVESTMENT COMPANY, INSURANCE
COMPANY OR ASSOCIATION, AND ANY PERSONAL REPRESENTATIVE, GUARDIAN,
TRUSTEE, OR OTHER FIDUCIARY, MAY LEGALLY INVEST ANY MONEYS BELONGING
TO THEM OR WITHIN THEIR CONTROL IN ANY BONDS ISSUED BY THE COMMISSION.

24-524.

(A)     THE BONDS OF THE COMMISSION, THEIR TRANSFER, THE INTEREST
PAYABLE ON THEM, AND ANY INCOME DERIVED FROM THEM, INCLUDING ANY
PROFIT REALIZED IN THEIR SALE OR EXCHANGE, ARE EXEMPT AT ALL TIMES FROM
EVERY KIND OF TAXATION BY THIS STATE OR BY ANY OF ITS POLITICAL
SUBDIVISIONS, MUNICIPAL CORPORATIONS, OR PUBLIC AGENCIES.

(B)     (1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, THE BONDS OF
THE COMMISSION, MAY, BUT ARE NOT REQUIRED TO BE, ISSUED IN CONFORMANCE
WITH ANY APPLICABLE PROVISIONS OF THE INTERNAL REVENUE CODE OF THE
UNITED STATES IN ORDER THAT THE INTEREST PAYABLE THEREON SHALL BE
EXCLUDABLE FROM FEDERAL GROSS INCOME

(2) THE COMMISSION MAY NOT ISSUE TAX EXEMPT PRIVATE ACTIVITY
BONDS THAT ARE SUBJECT TO THE VOLUME CAP UNDER § 146 OF THE INTERNAL
REVENUE CODE.

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